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  • As per RBI norms, the GST is applicable as per travellers.
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  • You may block foreign currency by paying 2% of total transaction value. This blocked rate will be valid for 2 working days.
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    (i) Tax Collection at Source (TCS) at the rate of 0.5% or 5% as applicable will be levied under section 206C(1G)(b) of the Income Tax Act on remittance on account of Education purpose or Medical purpose, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
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  • Disclaimer Note for non-refund of TCS
    In the event of cancellation of services and refund of amount, Tax collected at source under section 206C(1G) of the Income Tax Act, 1961 shall not be refunded. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for TCS
    (i) Tax Collection at Source (TCS) at the rate of 0.5% or 5% as applicable will be levied under section 206C(1G)(b) of the Income Tax Act on remittance on account of Education purpose or Medical purpose, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    (ii) Tax Collection at Source (TCS) at the rate of 20% will be levied under section 206C(1G)(b) of the Income Tax Act on all other remittances not covered in (i) above, if the aggregate amount exceeds Rs.7,00,000 in a financial year under the Liberalized Remittance Scheme of the Reserve Bank of India.
    The TCS collected will be reflected in the 26AS of the payer for claiming Income Tax credit.
  • Disclaimer Note for non-refund of TCS
    In the event of cancellation of services and refund of amount, Tax collected at source under section 206C (1G) of the Income Tax Act, 1961 shall not be refunded. The non-refunded TCS will be reflected in the 26AS of the payer for claiming Income Tax credit.
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Egyptian Pound (EGP) - Currency of Egypt

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Buy, Sell or Transfer Egyptian Pound (EGP) in India at the best exchange rates

About Egyptian Pound (EGP)

Popularly known as Gineih and Qirsh, the Egyptian Pound is the official currency of the Arab Republic of Egypt. One Egyptian Pound is divided into 100 Piastres or Ersh. The currency is abbreviated as LE, which means livre égyptienne. Digitally the currency is symbolized as E£ and £E. The Egypt currency was earlier pegged to the US Dollar at 1 EGP is equals to 2.3 USD. However, in 1973 the peg was moved from the US dollar to the British Pound. Currently, it is not pegged to any of the international currencies.

Some Facts That You Ought To Know About The Egypt Currency:

    1. The short name for the Egyptian Pound is EGP.
    2. The most frequently used coins are 1 Piastre, 5 Piastre, 10 Piastre, 20 Piastre, 25 Piastre, 50 Piastre, and LE 1.
    3. The most commonly used banknotes include 5 Piastre, 10 Piastre, 25 Piastre, 50 Piastre, LE 1, LE 5, LE 10, LE 20, LE 50, LE 100, and LE 200.

Egyptian Pound - History of the Egyptian Pound

The Egyptian pound, EGP, is Egypt's official currency, and just like Egypt, the currency also has a complex yet rich history. Ever since its introduction, the Egyptian pound also called ‘gineh’ has undergone a number of changes which reflect the economic and political development of the country. The Egyptian pound is also represented as LE, for livre égyptienne; French for Egyptian pound. Read on to learn about the history of the Egyptian Pound.

Prior to the pound, the standard Ottoman unit of currency, the kurus, was adopted in Egypt. Each kuru was broken down into 40 silver para. The Egyptian currency was introduced in the form of gold and silver coins in 1834, and two years later, the pound of 100 piasters was introduced as the basic monetary unit. However, in the year 1885, the bi-metal system ceased, and the pound was now only dependent on gold for its value, which was around 7.34 grams of gold. On 3rd April 1899, the National Bank of Egypt issued the country’s first banknote. There was a picture of 2 Egyptian camels on one side and a few decorations on the other. After the first paper note was issued, the responsibility of issuing the currency was handed over to the Central Bank.

Post World War I, Egypt moved to the British Pound and remained a part of the Sterling era up to the year 1962. The EGP was also switched over to the USD and was pegged at EGP 1= USD 2.3. By then, the pound was completely Egypitianised. Until 1962, the Egyptian pound and the Pound Sterling were connected, after this, the EGP was linked to the US dollar. This resulted in the EGP losing out on its value and now equalled USD 2.3.

The Central Bank of Egypt issued a banknote in 1979, which was smaller than the previous one and had a new design. On one side of the note is a picture of the Qatbay Mosque, while the other has a picture of the Abu Simbel Temple. This design is available on the EGP to date.

Factors Affecting the Egyptian Pound

In the year 2023, the Egyptian pound went to an all-time low, it dropped about 20 to the greenback, the US dollar. While as per most financial experts, the worst is yet to come, as the Egyptian currency might plummet further. A number of elements over the years have played a role in making the Egyptian pound the sixth worst-performing currency globally. Let us take a look at some of the major factors that affect the Egyptian pound:

1. The embattling economy

Skyrocketing inflation of 31.9%, is continuously adding pressure on the Egyptian pound. A few months back, the IMF, International Monetary Fund, allowed a loan of 3 billion dollars to help salvage the country’s ailing economy. The Central Bank of Egypt has recently increased the major interest rates by almost 300 points in an effort to tame inflation.

2. Unpegging of EGP

Until 2016, the EGP was partially pegged to the US dollar. With the aim of receiving a $12 billion bailout from the IMF, Egypt announced unpegging the pound and being a free-floating currency. With this decision, the value of EGP dropped quickly.

3. Egyptian exports - the silver lining

Some experts believe that with the current global scenario, Egyptian exports would see an increase as the country can offer products at a more competitive price. Local manufacturers have a tremendous potential of seizing this opportunity. The country enjoys a strategically well-placed geographical location, and the labour is not just cheap but also skilled. The growing population is another significant factor that can help the country move towards a free economy.

Quick Facts About US Dollar (USD)

Currency Name Egyptian Pound
Short Name EGP
Nicknames NA
Symbol (s) Le,L.E., E£
Unit 1/100 Piastre (symbol: Pt.); 1/1,000 Millième
Frequently Used Coins 1 piastre, 5 piastre, 10 piastre, 20 piastre, 25 piastre, 50 piastre, LE 1
Rarely Used Coins NA
Frequently Used Bank Notes 5 piastre, 10 piastre, 25 piastre, 50 piastre, LE 1, LE 5, LE 10, LE 20, LE 50, LE 100, LE 200
Rarely Used Bank Notes NA
Central Bank, Name & Website Central Bank of Egypt | www.cbe.org.eg
Territories that use the Egyptian Pound as a part of their legal tender Gaza Strip

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The Egyptian Pound Currency

The Central Bank of Egypt holds the issuance rights of the currency. It is in the subdivision of 100 piastre or qirsh or 1000 milliemes. The currency bank notes that are currently under circulation are under the denominations of piastres 5, 10, 25, 50, and pounds 1, 5, 10, 20, 50, 100, 200. Similarly, for the currency coins, the ones that are in circulation are under the denominations of piastres 5, 10, 20, 25, 50 and pound 1.

How to buy forex online?
Thomas Cook offers the best-in-market foreign exchange rates and empowers you to buy foreign currency exchange from the comfort of your home. Whether you want to know the current 1 EGP to INR rate or want to know the best deals on tour packages, you can do it all on the Thomas Cook website. Here are simple steps to convert 1 INR to EGP online: If you wish, you can visit the nearest Thomas Cook branch and our experts will be available to assist you, ensuring a seamless offline transaction.

If you still have questions, speak to our experts now and get the best exchange rate today.

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Frequently Asked Questions

What is an Egyptian Pound?
Egyptian Pound is the official currency of Egypt. It is on a floating rate.
What are the best currencies to carry to Egypt?
The USD, EUR and GBP are generally accepted in Egypt. For more clarity on exchanging the Egyptian Pound, please get in touch with our team of experts and they will assist you with appropriate clarity.
How much money can I carry in and out of Egypt?
You may carry up to LE 5,000 or USD10,000, or foreign currency equivalent, in and out of Egypt. However, in case the amount you are carrying exceeds the given limit, then you must declare the same.
Can I sell the Egyptian Pound easily outside of Egypt?
Yes, you can certainly do that. In case you wish to know more on how you can do it you may get in touch with us and we will assist you.
Is Indian currency accepted in Egypt?
No. Indian Rupee is not accepted in Egypt and we recommend that you change your Indian rupees to any of the acceptable currencies in the country like the USD, GBP, and EUR.

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